CAC denies manipulating with DAAR Communications records

The Corporate Affairs Commission (CAC) has denied allegations that it manipulated the records of DAAR Communications Plc on its portal following a recent cyberattack, describing the claims as “false and misleading.”

The commission was reacting to accusations by Raymond Dokpesi Jr., chairman of DAAR Communications, who alleged that the company’s shareholding structure had been unlawfully altered, raising concerns about market integrity.

Dokpesi had claimed that the company’s shareholding figure on the CAC portal increased from 4,890,523,000 to 5,016,418,000 shares—an “unexplained” rise of exactly 125,895,000 shares.

In a statement issued on Wednesday, the commission dismissed the allegation, insisting that no company data was compromised during the cybersecurity incident.

“The Commission wishes to state clearly that this allegation is false and misleading. No data of any company was manipulated, tampered with, or altered as a result of that incident,” the statement read.

“The integrity of all records on our portal remains intact, secure, and fully protected.”

The CAC further clarified that the dispute over DAAR Communications’ ownership structure predates the cyberattack and has been under regulatory review since 2024.

According to the commission, a shareholder had previously filed a formal complaint, prompting an investigation in line with its statutory responsibilities.

“The Commission further wishes to clarify that shareholders of DAAR Communications PLC have been in dispute over the ownership structure of the company since 2024, as evidenced by a formal complaint submitted to the Commission by one of the shareholders,” it said.

The agency added that the parties involved had been invited earlier in the year to participate in arbitration proceedings aimed at resolving the disagreement.

It also called on media organisations to adhere to professional standards by verifying information before publication.

“In view of the above, we urge media organisations to uphold the ethics of professional journalism by ensuring balanced reporting, verifying facts with relevant authorities before publication, and refraining from disseminating misleading information,” the commission said.

The development comes after the CAC disclosed on April 15 that it was reviewing a cybersecurity breach involving unauthorised access to limited parts of its information systems.